Milena Petrova

Dr. Petrova’s particular areas of specialization are in commercial real estate, REITs and real estate operations, corporate governance and corporate restructuring. She has published in top real estate and finance journals such as Financial Management, Journal of International Money and Finance, Real Estate Economics and Journal of Real Estate Finance and Economics. Dr. Petrova has won several awards for her research and teaching. She was awarded the CoStar Best Paper Award in 2010 and 2007, the Oberwager Award in 2009 for outstanding faculty, the Gerald R. Brown 2003 Award for best paper on "Real Estate and Finance" and was a finalist for the 2010 Financial Management Association Best Paper in “Investments.”

Dr. Petrova has trained and consulted for investment and real estate professionals in the USA, Europe, Asia and Africa. Prior to taking an academic position, Dr. Petrova worked as a consultant for Booz Allen Hamilton and as a project finance analyst for Finnvera, Finland’s official Export Credit Agency.

Research Topics

• Commercial real estate
• Commercial real estate pricing
• Real estate investment trusts
• Real estate operations
• Corporate governance
• Corporate restructuring

Dr. Petrova currently teaches Real Estate Principles, Real Estate Finance and Investments and Financial Management at the undergraduate and graduate levels.

Prof. Petrova has taught the follollowing classes at Syracuse University:
FIN 960 Seminar in Finance (PhD Course), 2008
FIN 855 Theory of Finance (PhD/MSF Course), 2008 – 2011
MBC 633 Managerial Finance (Graduate Course), 2009 – 2012
FIN 455 Financial Management (Undergraduate Course), 2006 – 2008, 2012
RES 600 Real Estate Finance & Investments (Graduate Course), Fall 2011
RES 600 Real Estate Principles (Graduate Course), Fall 2011, Fall 2012
RES 462 Real Estate Finance & Investments (Undergraduate Course), 2010 – 2013
RES 431 Real Estate Principles, (Undergraduate Course), 2007 – 2013
Excel Real Estate Modeling (2-day Workshop) 2010 – 2012
Argus Valuation (2-day Workshop), 2010 – 2012

Professor Petrova's primary research interests are in the areas of commercial real estate pricing, real estate operations, REITs, real estate capital markets, corporate finance and corporate restructuring.

• "Do REITs Use Cash Reserves Efficiently? Evidence from Corporate Acquisitions", Journal of International Money and Finance, 31(7), 1953-1970, 2012, (Ghosh, C. and Xiao, Y.)
• "Does IPO Pricing Reflect Public Information? New Insights from Equity Carve-Outs", Financial Management, 41(1), 1-33 (lead article), 2012, (Ghosh, C., Feng, Z. and Pattanapanchai, M.)
• "Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions", Journal of Real Estate Finance and Economics, 43(1-2), 99-129, 2011, (with Ling D. C.)
• "Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs", Journal of Real Estate Finance and Economics, 42(4), 451-480, 2011, (with Campbell, R.C., Ghosh, C., Sirmans, C.F. )
• "Avoiding Taxes at Any Cost: The Economics of Tax Deferred Real Estate Exchanges", Journal of Real Estate Finance and Economics, 36(4): 367-404, 2008, (with Ling, D.)
• "Managerial Characteristics and Hedge Fund Performance", Journal of Applied Finance, 16(2), 57-70, Fall/Winter 2006, (with Maxam, C.L., Nikbakht, E., and Spieler, A.C.)
• "Value Creation in REIT Property Sell-Offs", Real Estate Economics, 34(2), 173-342, Summer 2006, (Campbell, R.D., and Sirmans C.F.)
• "Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions", Real Estate Economics, 31(3), 347-366, Fall 2003, (Campbell, R.D., and Sirmans, C.F. )

Honors

• Real Estate Research Institute Research Grant for “The Impact of Capital Expenditures on Property and Portfolio Performance of Commercial Real Estate,” with Chinmoy Ghosh, 2012.
• Real Estate Research Institute Research Grant for “Information, Search and Anchoring in Commercial Real Estate,” with D.C. Ling and A. Naranjo, 2012.
• Best Paper Award for “Why do Managers Divest Corporate Assets? Insights from Equity Carve-outs,” with Chinmoy Ghosh, International Business Finance Conference, ICFAI Business School, India, 2012.
• American Real Estate Society Best Research Paper for “Heterogeneous Investors, Negotiation Strength & Asset Prices in Private Markets: Evidence from Commercial Real Estate,” 2010. The award is sponsored by CoStar Group.
• Recipient of the Oberwager Award for Outstanding Faculty, 2009.
• Real Estate Research Institute Research Grant for “Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions,” with D. C. Ling, 2008.
• CoStar Best Paper Award for Use of Commercial Real Estate Data for “Buyer and Seller Motivations, Bargaining Power, and Transaction Prices in Commercial Real Estate Markets: Evidence from the Section 1031 Exchange Market,” with D.C. Ling, 2007.
• Gerald R. Brown Award for Best Paper on Real Estate and Finance for “Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions,” with R. D. Campbell and C.F. Sirmans, 2003.

• Whitman real estate students compete in ARGUS Software University Challenge 5.6.13
  Three undergraduate Whitman real estate students competed in ARGUS Software University Challenge, results of which were announced on April 26. The team, consisting of students Brandon Duplain, Bryan Lovera and David Okin, and led by Prof. Milena Petrova, analyzed a case study entitled “Urban Reg Read more>>
• Petrova and Norman lead study on downtown housing demand by graduate students, faculty 4.3.13
  Prof. Petrova and Prof. Norman lead study on downtown housing demand by graduate students and faculty. Read more>>
• Petrova comments in Democrat and Chronicle on Xerox’s office tower sale-leaseback 3.15.13
  Petrova comments in Democrat and Chronicle on Xerox’s office tower sale-leaseback. Read more>>
• Petrova comments in Syracuse Post-Standard on performance of area real estate market vs. national average 11.10.11
  Milena Petrova, assistant professor of finance in the Whitman School, commented in a Syracuse Post-Standard article on how the Syracuse-area real estate market is performing better than the national average. Read more>>
• Whitman Real Estate Club Presents Microsoft Excel Financial Modeling and Argus Valuation Workshops 3.1.11
  Read more>>
• Petrova’s research featured in “Eight Corporate Social Responsibility Studies You Should Know About.” 6.9.09
  Petrova’s research featured in “Eight Corporate Social Responsibility Studies You Should Know About.” Read more>>
• Petrova Cited in Jamaica Observer Article 7.8.08